Firmus Technologies has cancelled its planned public listing on the Australian Securities Exchange (ASX), citing a lack of investor demand for its AI data centre business. The company's spokesperson stated that the board determined proceeding with the offer was no longer in the best interests of Firmus and its shareholders.
The anticipated listing was expected to be Australia’s largest in decades, potentially the biggest since Telstra in 1997, with an estimated valuation of $44bn. However, the company reportedly faced increasing scepticism regarding its substantial valuation and projected earnings, given its start-up phase with only two small operational sites.
Firmus, backed by Nvidia, Blackstone, Jane Street, and Coatue, had intended to raise billions through the public float. The company will now pursue capital from private markets and explore alternative public and private market options to fund its plans for building liquid-cooled "AI factories" in Australia and Asia.